Bank Interest Rates Up Or Down Importance Depends On The Number Of Zeros In The Real Estate Sale Price.
By Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker
(MOOERS REALTY)
When you consider a mortgage on a home costing $329,900, whether the interest rate is a quarter percent either way is a big deal. But in Northern Maine when the mortgage you are shopping for is $32,900, whether the rate is a quarter percent higher or lower is not as critical as a banker thinks. For Houlton Maine financial options, there are six primary banks and a credit union on the local level. And at local Rotary meetings or about town, when you run in to a banker, they seem excited if the rate is an eighth of a percent lower than another bank. I explain that that slight difference alone does not cause a home mortgage borrower exodus from other bank lobbies to the fellow or lady with the "my rates lower than your banks" chant. The closing costs charged, the turn around time...
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